Luis Carlos Sarmiento Angulo - Revision history

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	{{Infobox person		{{Infobox person
	\| name = Luis Carlos Sarmiento Angulo		\| name = Luis Carlos Sarmiento Angulo
	\| image =		\| image = Luis_Carlos_Sarmiento_Angulo.jpg
	\| caption =		\| caption =
	\| birth_date = {{Birth date and age\|1933\|1\|27}}		\| birth_date = {{Birth date and age\|1933\|1\|27}}

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	\| nationality = {{COL}} Colombian		\| nationality = {{COL}} Colombian
	\| education = [[National University of Colombia]] (Civil Engineering)		\| education = [[National University of Colombia]] (Civil Engineering)
			\| alma_mater = [[Universidad de los Andes (Colombia)\|Universidad de los Andes]]
	\| occupation = Banker, businessman, investor		\| occupation = Banker, businessman, investor
	\| years_active = 1950s–present		\| years_active = 1950s–present

Maintenance script: Created comprehensive CEO article: founder of Grupo Aval, Colombia's former richest person, Odebrecht corruption scandal, drug money laundering allegations

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Created comprehensive CEO article: founder of Grupo Aval, Colombia's former richest person, Odebrecht corruption scandal, drug money laundering allegations

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{{Infobox person
| name = Luis Carlos Sarmiento Angulo
| image =
| caption =
| birth_date = {{Birth date and age|1933|1|27}}
| birth_place = Bogotá, Colombia
| nationality = {{COL}} Colombian
| education = [[National University of Colombia]] (Civil Engineering)
| occupation = Banker, businessman, investor
| years_active = 1950s–present
| known_for = Founder, [[Grupo Aval]]
| title = Founder and Former Chairman, Grupo Aval
| spouse = Fanny Gutiérrez de las Casas (according to some sources)<br>or Margarita Gnecco (m. 1956, according to other sources)
| children = 5 (or 4, conflicting reports)
| net_worth = US$8.2 billion (2025)
| website =
}}

'''Luis Carlos Sarmiento Angulo''' (born January 27, 1933) is a Colombian billionaire businessman, banker, and investor who founded [[Grupo Aval]], the largest financial conglomerate in Colombia and Central America. For decades, he was considered the wealthiest person in Colombia until being surpassed by fintech entrepreneur [[David Vélez]] in recent years.

Sarmiento built his empire from humble beginnings in construction, eventually assembling a banking, media, and infrastructure conglomerate that controls approximately 22% of Colombia's banking assets—near the legal maximum. His close relationships with successive Colombian presidents and his companies' involvement in one of Latin America's largest corruption scandals have made him one of the country's most powerful and controversial figures.

In March 2024, at the age of 91, Sarmiento stepped down as Chairman of Grupo Aval, passing leadership to his son Luis Carlos Sarmiento Gutiérrez.

== Early life ==

Luis Carlos Sarmiento Angulo was born on January 27, 1933, in Bogotá, Colombia. He came from a family with landholdings in Guayabetal, a town southeast of the capital in the Cundinamarca department.

He was the second-youngest of nine children. From an early age, Sarmiento demonstrated exceptional aptitude for mathematics and business. By age 14, he was allegedly already performing accounting work for one of his father's business associates—an early sign of the financial acumen that would define his career.

== Education ==

Sarmiento studied civil engineering at the National University of Colombia (Universidad Nacional de Colombia) in Bogotá, the country's most prestigious public university. His engineering training provided the technical foundation for his first career in construction before he transitioned into banking.

== Career ==

=== Construction beginnings (1950s–1970s) ===

Sarmiento's career began in the construction industry during the 1950s. He built residential and commercial developments during a period of rapid urbanization in Colombia. This construction business generated the initial capital that would later fund his expansion into financial services.

During this era, Colombia was experiencing significant economic growth and modernization, creating opportunities for ambitious entrepreneurs like Sarmiento.

=== Building a banking empire ===

Having established himself in construction, Sarmiento initiated a decades-long acquisition campaign focused on banks and financial service companies. His strategy was patient accumulation—acquiring stakes in financial institutions, consolidating control, and using their resources to fund further acquisitions.

By 2000, he was widely acknowledged as Colombia's dominant banking figure, controlling an estimated 22% of the country's banking assets—close to the maximum concentration permitted by Colombian law. This market share gave him enormous influence over the Colombian economy and financial system.

=== Grupo Aval ===

Sarmiento founded Grupo Aval as a holding company to consolidate his banking, telecommunications, real estate, and infrastructure interests under one corporate umbrella. The conglomerate became the largest financial group in Colombia and one of the largest in Central America.

The core of Grupo Aval consists of four major banks:
* '''Banco de Bogotá''' – One of Colombia's oldest and largest banks
* '''Banco de Occidente'''
* '''Banco Popular'''
* '''Banco AV Villas'''

In addition to these banks, Grupo Aval controls:
* '''Corficolombiana''' – An investment bank with interests in infrastructure, agribusiness, energy, and tourism
* '''Porvenir''' – Colombia's largest pension fund administrator
* Various insurance, brokerage, and financial services companies

=== Media acquisition ===

In 2012, Sarmiento acquired El Tiempo, Colombia's largest and most influential newspaper, for an estimated $250 million. The acquisition gave him significant influence over Colombian media and public discourse.

Critics argued that ownership of the country's leading newspaper by its richest banker created concerning conflicts of interest, particularly given Sarmiento's business dealings with successive governments. Supporters countered that El Tiempo maintained editorial independence.

=== Infrastructure and real estate ===

Through Corficolombiana, Sarmiento's conglomerate owns an array of interests in infrastructure, including roads, ports, and energy projects. The company has been involved in major public works projects across Colombia.

He also maintained Construcciones Planificadas, his original real estate business. The company oversaw the 2010 construction of Centro Mayor, Colombia's largest shopping mall, located in Bogotá.

=== Leadership transition ===

In March 2024, at age 91, Sarmiento stepped down as Chairman of Grupo Aval. He passed the chairmanship to his son, Luis Carlos Sarmiento Gutiérrez, who had served as CEO of Grupo Aval since 2000. This transition marked the formal succession of control to the next generation, though the elder Sarmiento retained significant ownership and influence.

== Political connections ==

Luis Carlos Sarmiento has been personally close with every Colombian president since becoming one of the country's wealthiest individuals. In Colombia's political-economic system, where business and government are deeply intertwined, such relationships were essential for operating at Sarmiento's scale.

He was especially close to former President Álvaro Uribe, Colombia's dominant political figure for much of the 21st century. Sarmiento openly endorsed Uribe's controversial re-election bid in 2006, an unusual public political statement for a businessman of his stature.

When Uribe's protégé Iván Duque ran for president in 2018, Sarmiento's companies financed approximately two-thirds of his campaign. Duque went on to win the election and served as president from 2018 to 2022.

These close political ties have generated both business opportunities and public criticism, particularly when Sarmiento's companies received government contracts or favorable regulatory treatment.

== Controversies ==

Luis Carlos Sarmiento Angulo is one of Colombia's most controversial figures, with his companies implicated in corruption scandals, money laundering allegations, and questionable business practices spanning decades.

=== Odebrecht-Ruta del Sol II corruption scandal ===

The most damaging controversy for Sarmiento involves the massive Odebrecht bribery case connected to the Ruta del Sol II highway project.

Grupo Aval's subsidiary Corficolombiana partnered with Brazilian construction giant Odebrecht on the road project. Together, they paid at least $28 million in bribes to Colombian government officials between 2012 and 2015, including illegal campaign contributions made in 2014. In exchange, government officials awarded the companies lucrative highway construction contracts.

The CEO of Corficolombiana was convicted and sentenced to prison for his role in the bribery scheme. The corruption was extensive:

* Multiple Colombian officials were bribed
* The bribes were paid to secure a contract extension worth hundreds of millions of dollars
* The scheme involved complex mechanisms to disguise illegal payments

In August 2023, Grupo Aval Acciones y Valores SA and Corficolombiana agreed to pay approximately $80 million to settle corruption charges brought by U.S. authorities:
* $40 million to the U.S. Securities and Exchange Commission
* $20 million to the U.S. Department of Justice for criminal charges

The settlement was one of the largest Foreign Corrupt Practices Act (FCPA) resolutions involving a Colombian company.

=== Conflict of interest with prosecutor general ===

When the Odebrecht scandal exploded and investigations began, the Colombian Prosecutor General was Néstor Humberto Martínez—who had previously served as Sarmiento's personal lawyer and as Grupo Aval's legal adviser.

This extraordinary conflict of interest generated enormous public controversy. Although Martínez delegated the case, critics argued that the investigation was compromised from the start. According to reports, Martínez had been informed about possible corruption at Corficolombiana as early as 2015, while still serving as the company's lawyer.

=== Death of key whistleblower ===

The corruption investigation took a sinister turn when Jorge Enrique Pizano, a former Corficolombiana employee who had been responsible for oversight of the Ruta del Sol II contract, died under mysterious circumstances.

Pizano had informed the prosecutor general about a possible bribery scheme in 2015. After recorded conversations between Pizano and Martínez were publicly revealed—exposing the prosecutor's prior knowledge of potential corruption—Pizano and his son were found dead at their country house, poisoned with cyanide.

The deaths were ruled murder in the case of the son, who apparently drank from a poisoned water bottle. The circumstances surrounding Pizano's own death remained controversial.

Bloomberg reported that the "mysterious deaths" wiped approximately $1 billion from Sarmiento's fortune as Grupo Aval's stock price plummeted amid the scandal.

=== Historical drug money laundering allegations ===

Sarmiento's business history includes serious allegations involving Colombia's drug trade. According to the U.S. Drug Enforcement Administration, Sarmiento's Banco de Occidente was "particularly profitable" because it allegedly laundered more than $1.2 billion for Pablo Escobar's Medellín Cartel in 1987 and 1988 alone.

These allegations emerged from "Operation Polar Cap," a DEA investigation into Colombian drug money laundering through American banks. The scale of alleged laundering—over a billion dollars in just two years through a single institution—indicated deep institutional involvement rather than isolated incidents.

=== Public boycott campaign ===

The accumulation of controversies led to public backlash against Sarmiento and his companies. In Colombia, thousands of social media users participated in campaigns under hashtags like #NoalgrupoAVAL, encouraging customers to close their accounts and take their money elsewhere.

While the boycott campaign did not threaten the conglomerate's dominance, it demonstrated that Sarmiento's reputation had been significantly damaged among Colombian civil society.

=== Investigation of son ===

Luis Carlos Sarmiento Gutiérrez, who serves as CEO of Grupo Aval and succeeded his father as chairman, has himself been investigated for his alleged role in the Odebrecht corruption practices. As of various reports, these investigations remained ongoing.

== Personal life ==

=== Marriage and family ===

There are conflicting reports about Sarmiento's family. According to some sources, he married Fanny Gutiérrez de las Casas in 1955, and they had five children: Luis Carlos Jr., Adriana, Sonia, Luz Ángela, and María Claudia.

Other sources state that Sarmiento married Margarita Gnecco in 1956 and had four children: Luis Carlos Jr., Jaime, María Clara, and Ana María.

What is confirmed is that his son Luis Carlos Sarmiento Gutiérrez was named CEO of Grupo Aval in 2000 and has been the designated successor for the family empire. The younger Sarmiento assumed the chairmanship in 2024 when his father stepped down.

=== Residence ===

Sarmiento resides in Bogotá, Colombia, and has maintained his base in his home country throughout his career—unlike some Latin American billionaires who relocated abroad due to security concerns.

== Philanthropy ==

Despite his controversial business record, Sarmiento has engaged in philanthropic activities, particularly focused on education.

In 2014, he donated $12 million to the National University of Colombia—his alma mater—to finance research and scholarships. This was one of the largest private donations to a Colombian public university.

During the COVID-19 pandemic in 2020, Sarmiento announced a donation of COP 80 billion (approximately $20 million at the time) for pandemic relief, including:
* Groceries for 400,000 families in need
* 300,000 diagnostic tests for COVID-19
* Ventilators and other medical equipment

== Net worth ==

In the Forbes 2025 billionaire rankings, Sarmiento was ranked 369th worldwide with an estimated net worth of US$8.2 billion. He was long considered Colombia's wealthiest person until [[David Vélez]], founder of Nubank, surpassed him in recent years.

His fortune derives primarily from his majority stake in Grupo Aval, which controls Colombia's largest collection of banks and financial services companies. Additional wealth comes from real estate, infrastructure, and media holdings.

== Legacy ==

Luis Carlos Sarmiento Angulo's legacy is deeply contested. Supporters credit him with building modern financial institutions that helped develop Colombia's economy and create thousands of jobs. His banks extended credit that financed businesses and home purchases across the country.

Critics view him as an oligarch whose political connections enabled both his business success and the alleged corruption that his companies have been implicated in. The Odebrecht scandal in particular tarnished his reputation, revealing the extent to which political bribery was allegedly embedded in major infrastructure projects.

His ownership of Colombia's largest newspaper while simultaneously being the country's largest banker creates ongoing concerns about media independence and conflicts of interest. And the historical allegations of drug money laundering—whether or not they resulted in prosecutions—remain part of his biography.

At age 91, Sarmiento has handed day-to-day control to his son, but his influence over Colombian business and politics spans seven decades and will continue to be felt for years to come.

== See also ==
* [[Grupo Aval]]
* [[Odebrecht Case]]
* [[Banking in Colombia]]
* [[David Vélez]]

== References ==
{{Reflist}}

== External links ==
* [https://www.grupoaval.com Grupo Aval official website]

{{DEFAULTSORT:Sarmiento Angulo, Luis Carlos}}
[[Category:Chief executive officers]]
[[Category:Colombian businesspeople]]
[[Category:Colombian billionaires]]
[[Category:1933 births]]
[[Category:Living people]]
[[Category:National University of Colombia alumni]]
[[Category:Colombian bankers]]
[[Category:People from Bogotá]]

← Older revision		Revision as of 07:52, 22 December 2025
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	\| alma_mater = [[Universidad de los Andes (Colombia)\|Universidad de los Andes]]		\| alma_mater = [[Universidad de los Andes (Colombia)\|Universidad de los Andes]]
	\| occupation = Banker, businessman, investor		\| occupation = Banker, businessman, investor
	\| years_active = ~~1950s–present~~		\| years_active = 1950s-present
	\| known_for = Founder, [[Grupo Aval]]		\| known_for = Founder, [[Grupo Aval]]
	\| title = Founder and Former Chairman, Grupo Aval		\| title = Founder and Former Chairman, Grupo Aval
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	'''Luis Carlos Sarmiento Angulo''' (born January 27, 1933) is a Colombian billionaire businessman, banker, and investor who founded [[Grupo Aval]], the largest financial conglomerate in Colombia and Central America. For decades, he was considered the wealthiest person in Colombia until being surpassed by fintech entrepreneur [[David Vélez]] in recent years.		'''Luis Carlos Sarmiento Angulo''' (born January 27, 1933) is a Colombian billionaire businessman, banker, and investor who founded [[Grupo Aval]], the largest financial conglomerate in Colombia and Central America. For decades, he was considered the wealthiest person in Colombia until being surpassed by fintech entrepreneur [[David Vélez]] in recent years.

	Sarmiento built his empire from humble beginnings in construction, eventually assembling a banking, media, and infrastructure conglomerate that controls approximately 22% of Colombia's banking ~~assets—near~~ the legal maximum. His close relationships with successive Colombian presidents and his companies' involvement in one of Latin America's largest corruption scandals have made him one of the country's most powerful and controversial figures.		Sarmiento built his empire from humble beginnings in construction, eventually assembling a banking, media, and infrastructure conglomerate that controls approximately 22% of Colombia's banking assets - near the legal maximum. His close relationships with successive Colombian presidents and his companies' involvement in one of Latin America's largest corruption scandals have made him one of the country's most powerful and controversial figures.

	In March 2024, at the age of 91, Sarmiento stepped down as Chairman of Grupo Aval, passing leadership to his son Luis Carlos Sarmiento Gutiérrez.		In March 2024, at the age of 91, Sarmiento stepped down as Chairman of Grupo Aval, passing leadership to his son Luis Carlos Sarmiento Gutiérrez.
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	Luis Carlos Sarmiento Angulo was born on January 27, 1933, in Bogotá, Colombia. He came from a family with landholdings in Guayabetal, a town southeast of the capital in the Cundinamarca department.		Luis Carlos Sarmiento Angulo was born on January 27, 1933, in Bogotá, Colombia. He came from a family with landholdings in Guayabetal, a town southeast of the capital in the Cundinamarca department.

	He was the second-youngest of nine children. From an early age, Sarmiento demonstrated exceptional aptitude for mathematics and business. By age 14, he was allegedly already performing accounting work for one of his father's business ~~associates—an~~ early sign of the financial acumen that would define his career.		He was the second-youngest of nine children. From an early age, Sarmiento demonstrated exceptional aptitude for mathematics and business. By age 14, he was allegedly already performing accounting work for one of his father's business associates - an early sign of the financial acumen that would define his career.

	== Education ==		== Education ==
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	== Career ==		== Career ==

	=== Construction beginnings (~~1950s–1970s~~) ===		=== Construction beginnings (1950s-1970s) ===

	Sarmiento's career began in the construction industry during the 1950s. He built residential and commercial developments during a period of rapid urbanization in Colombia. This construction business generated the initial capital that would later fund his expansion into financial services.		Sarmiento's career began in the construction industry during the 1950s. He built residential and commercial developments during a period of rapid urbanization in Colombia. This construction business generated the initial capital that would later fund his expansion into financial services.
Line 44:		Line 44:
	=== Building a banking empire ===		=== Building a banking empire ===

	Having established himself in construction, Sarmiento initiated a decades-long acquisition campaign focused on banks and financial service companies. His strategy was patient ~~accumulation—acquiring~~ stakes in financial institutions, consolidating control, and using their resources to fund further acquisitions.		Having established himself in construction, Sarmiento initiated a decades-long acquisition campaign focused on banks and financial service companies. His strategy was patient accumulation - acquiring stakes in financial institutions, consolidating control, and using their resources to fund further acquisitions.

	By 2000, he was widely acknowledged as Colombia's dominant banking figure, controlling an estimated 22% of the country's banking ~~assets—close~~ to the maximum concentration permitted by Colombian law. This market share gave him enormous influence over the Colombian economy and financial system.		By 2000, he was widely acknowledged as Colombia's dominant banking figure, controlling an estimated 22% of the country's banking assets - close to the maximum concentration permitted by Colombian law. This market share gave him enormous influence over the Colombian economy and financial system.

	=== Grupo Aval ===		=== Grupo Aval ===
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	The core of Grupo Aval consists of four major banks:		The core of Grupo Aval consists of four major banks:
	* '''Banco de Bogotá''' – One of Colombia's oldest and largest banks		* '''Banco de Bogotá''' - One of Colombia's oldest and largest banks
	* '''Banco de Occidente'''		* '''Banco de Occidente'''
	* '''Banco Popular'''		* '''Banco Popular'''
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	In addition to these banks, Grupo Aval controls:		In addition to these banks, Grupo Aval controls:
	* '''Corficolombiana''' – An investment bank with interests in infrastructure, agribusiness, energy, and tourism		* '''Corficolombiana''' - An investment bank with interests in infrastructure, agribusiness, energy, and tourism
	* '''Porvenir''' – Colombia's largest pension fund administrator		* '''Porvenir''' - Colombia's largest pension fund administrator
	* Various insurance, brokerage, and financial services companies		* Various insurance, brokerage, and financial services companies

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	* The scheme involved complex mechanisms to disguise illegal payments		* The scheme involved complex mechanisms to disguise illegal payments

	In August 2023, Grupo Aval Acciones y Valores SA and Corficolombiana agreed to pay approximately $80 million to settle corruption charges brought by U.S. ~~authorities~~:		In August 2023, Grupo Aval Acciones y Valores SA and Corficolombiana agreed to pay approximately $80 million to settle corruption charges brought by U.S. Authorities:
	* $40 million to the U.S. Securities and Exchange Commission		* $40 million to the U.S. Securities and Exchange Commission
	* $20 million to the U.S. Department of Justice for criminal charges		* $20 million to the U.S. Department of Justice for criminal charges
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	=== Conflict of interest with prosecutor general ===		=== Conflict of interest with prosecutor general ===

	When the Odebrecht scandal exploded and investigations began, the Colombian Prosecutor General was Néstor Humberto ~~Martínez—who~~ had previously served as Sarmiento's personal lawyer and as Grupo Aval's legal adviser.		When the Odebrecht scandal exploded and investigations began, the Colombian Prosecutor General was Néstor Humberto Martínez - who had previously served as Sarmiento's personal lawyer and as Grupo Aval's legal adviser.

	This extraordinary conflict of interest generated enormous public controversy. Although Martínez delegated the case, critics argued that the investigation was compromised from the start. According to reports, Martínez had been informed about possible corruption at Corficolombiana as early as 2015, while still serving as the company's lawyer.		This extraordinary conflict of interest generated enormous public controversy. Although Martínez delegated the case, critics argued that the investigation was compromised from the start. According to reports, Martínez had been informed about possible corruption at Corficolombiana as early as 2015, while still serving as the company's lawyer.
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	The corruption investigation took a sinister turn when Jorge Enrique Pizano, a former Corficolombiana employee who had been responsible for oversight of the Ruta del Sol II contract, died under mysterious circumstances.		The corruption investigation took a sinister turn when Jorge Enrique Pizano, a former Corficolombiana employee who had been responsible for oversight of the Ruta del Sol II contract, died under mysterious circumstances.

	Pizano had informed the prosecutor general about a possible bribery scheme in 2015. After recorded conversations between Pizano and Martínez were publicly ~~revealed—exposing~~ the prosecutor's prior knowledge of potential ~~corruption—Pizano~~ and his son were found dead at their country house, poisoned with cyanide.		Pizano had informed the prosecutor general about a possible bribery scheme in 2015. After recorded conversations between Pizano and Martínez were publicly revealed - exposing the prosecutor's prior knowledge of potential corruption - Pizano and his son were found dead at their country house, poisoned with cyanide.

	The deaths were ruled murder in the case of the son, who apparently drank from a poisoned water bottle. The circumstances surrounding Pizano's own death remained controversial.		The deaths were ruled murder in the case of the son, who apparently drank from a poisoned water bottle. The circumstances surrounding Pizano's own death remained controversial.
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	Sarmiento's business history includes serious allegations involving Colombia's drug trade. According to the U.S. Drug Enforcement Administration, Sarmiento's Banco de Occidente was "particularly profitable" because it allegedly laundered more than $1.2 billion for Pablo Escobar's Medellín Cartel in 1987 and 1988 alone.		Sarmiento's business history includes serious allegations involving Colombia's drug trade. According to the U.S. Drug Enforcement Administration, Sarmiento's Banco de Occidente was "particularly profitable" because it allegedly laundered more than $1.2 billion for Pablo Escobar's Medellín Cartel in 1987 and 1988 alone.

	These allegations emerged from "Operation Polar Cap," a DEA investigation into Colombian drug money laundering through American banks. The scale of alleged ~~laundering—over~~ a billion dollars in just two years through a single ~~institution—indicated~~ deep institutional involvement rather than isolated incidents.		These allegations emerged from "Operation Polar Cap," a DEA investigation into Colombian drug money laundering through American banks. The scale of alleged laundering - over a billion dollars in just two years through a single institution - indicated deep institutional involvement rather than isolated incidents.

	=== Public boycott campaign ===		=== Public boycott campaign ===
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	=== Residence ===		=== Residence ===

	Sarmiento resides in Bogotá, Colombia, and has maintained his base in his home country throughout his ~~career—unlike~~ some Latin American billionaires who relocated abroad due to security concerns.		Sarmiento resides in Bogotá, Colombia, and has maintained his base in his home country throughout his career - unlike some Latin American billionaires who relocated abroad due to security concerns.

	== Philanthropy ==		== Philanthropy ==
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	Despite his controversial business record, Sarmiento has engaged in philanthropic activities, particularly focused on education.		Despite his controversial business record, Sarmiento has engaged in philanthropic activities, particularly focused on education.

	In 2014, he donated $12 million to the National University of ~~Colombia—his~~ alma ~~mater—to~~ finance research and scholarships. This was one of the largest private donations to a Colombian public university.		In 2014, he donated $12 million to the National University of Colombia - his alma mater - to finance research and scholarships. This was one of the largest private donations to a Colombian public university.

	During the COVID-19 pandemic in 2020, Sarmiento announced a donation of COP 80 billion (approximately $20 million at the time) for pandemic relief, including:		During the COVID-19 pandemic in 2020, Sarmiento announced a donation of COP 80 billion (approximately $20 million at the time) for pandemic relief, including:
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	Critics view him as an oligarch whose political connections enabled both his business success and the alleged corruption that his companies have been implicated in. The Odebrecht scandal in particular tarnished his reputation, revealing the extent to which political bribery was allegedly embedded in major infrastructure projects.		Critics view him as an oligarch whose political connections enabled both his business success and the alleged corruption that his companies have been implicated in. The Odebrecht scandal in particular tarnished his reputation, revealing the extent to which political bribery was allegedly embedded in major infrastructure projects.

	His ownership of Colombia's largest newspaper while simultaneously being the country's largest banker creates ongoing concerns about media independence and conflicts of interest. And the historical allegations of drug money ~~laundering—whether~~ or not they resulted in ~~prosecutions—remain~~ part of his biography.		His ownership of Colombia's largest newspaper while simultaneously being the country's largest banker creates ongoing concerns about media independence and conflicts of interest. And the historical allegations of drug money laundering - whether or not they resulted in prosecutions - remain part of his biography.

	At age 91, Sarmiento has handed day-to-day control to his son, but his influence over Colombian business and politics spans seven decades and will continue to be felt for years to come.		At age 91, Sarmiento has handed day-to-day control to his son, but his influence over Colombian business and politics spans seven decades and will continue to be felt for years to come.